Park at Waterfront Newstead sales running well
Only five apartments remain in the second release of Mirvac’s $350 million luxury residential precinct, Park at Waterfront Newstead.
Park features 102 one-, two- and three-bedroom apartments across 16 levels.
Two two-bedroom apartments remain priced from $765,000 to $775,000 and three three-bedroom apartments remain priced from $1.22 million to $1.26 million.
Mirvac has secured more than $42 million in sales in the Park release since the start of the year.
"We have just come off the best financial year to date for Park with the increased level of urgency and momentum continuing into the first half of financial year 14,” says Mirvac chief executive officer residential John Carfi.
"Purchasing a property is a significant investment, so to know that a large number of our residents are confident to secure more than one apartment at Waterfront Newstead is probably the best endorsement we can be given.
"We also have a number of purchasers who have secured their apartment now, with the plan to move in down the track when they are ready to downsize from their current home.
"They recognise that there are some great buying opportunities in the current market and that a location like this, on the river and so close to the heart of the city, is rare and limited."
Carfi says the apartments have a current weekly appraisal of around $725 for a two-bedroom apartment and more than $1,000 for a three-bedroom apartment.
"There is strong demand for high quality apartments in prime locations in Brisbane and limited supply, particularly for properties that are already completed or that are part of an expanding mixed-use precinct like Newstead Riverpark," says Carfi.
Located two kilometres from the Brisbane CBD in the Newstead Riverpark community, the 10.6-hectare Waterfront Newstead site will feature six residential precincts once complete, accommodating over 1,000 residents.
Construction on the first release, Pier, began in 2009 with construction starting on the second release, Park, in 2010.
Mirvac sold the remaining three penthouses in its Pier release last month for over $5 million each.
Mirvac’s Waterfront Newstead community will take around 15 years to complete.
The residential community will be part of the larger scale Newstead Riverpark, which will feature FKP’s $1.1 billion Gasworks development.